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Do Realtors Need Business Auto Insurance?

Business auto insurance, also called commercial auto or, depending on the types of coverage, non-owned auto insurance is a necessary coverage for many different types of businesses. How does this coverage differ from personal auto insurance? Personal auto insurance covers insurable events such as the bodily injury of you, your passenger, or another driver, in additions to collision costs, uninsured motorist claims, theft and property damage. Realtor Business Auto Insurance, however, has different liabilities it must cover.

For example, if you are “on the clock” and are driving a client to a certain location and an accident occurs, your personal auto insurance will likely not cover any injuries that occur to your client, as you were on-the-job. This isn’t always the case though; some personal auto insurance policies do allow coverage for this type of loss, if the type of vehicle you are driving is a standard passenger vehicle, versus a van or truck.

Personal automobile insurance policies typically will not cover a vehicle that is intended for “regular business use,” which is defined differently depending on the policy. Many personal lines policies put restrictions on how much you can actually drive your personal vehicle for work. Do you drive your car more often that the policy allows? You’ll need a business auto policy.

The biggest reason you may need a business auto insurance policy if you are a realtor, is that you likely transport clients to showings on a consistent basis. This type of use for a vehicle will disqualify your vehicle from a personal auto insurance policy.

If you are unsure of whether you need business auto insurance or if your personal auto insurance will cover your needs, please speak to your trusted NewMark insurance agent today.